- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 17/07/2014.
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(1)This section applies if the transferred trade is or forms part of a business of leasing plant or machinery which the predecessor or the successor carries on on the day of the transfer of that trade (“the transfer day”).
(2)If, on the transfer day, both the predecessor and the successor carry on the transferred trade otherwise than in partnership, section 948(1) to (4) does not apply unless—
(a)the principal company or companies of the predecessor immediately before the transfer are the same as the principal company or companies of the successor immediately afterwards, and
(b)if any such principal company is a consortium principal company, the following condition is met.
(3)The condition is that the ownership proportion in relation to the predecessor immediately before the transfer is the same as the ownership proportion in relation to the successor immediately afterwards (regardless of whether the members of each consortium are the same).
[F1(3A)For the purposes of subsection (2)(a) the principal company or companies of the predecessor immediately before the transfer are not to be regarded as the same as the principal company or companies of the successor immediately afterwards (so far as they would otherwise have been so regarded) if—
(a)there is a relevant change in the relationship between the successor and a principal company of the successor within section 394ZA (company joining tonnage tax group), and
(b)that change occurs on or before the transfer day (whether the change occurs on or after 21 March 2012 or before that date).]
(4)If, on the transfer day, the predecessor or the successor carries on the transferred trade in partnership, section 948(1) to (4) does not apply unless—
(a)the predecessor ceases to carry on the whole of its trade, and
(b)that trade is a business of leasing plant or machinery which the predecessor carries on in partnership on the transfer day.
(5)If section 948(1) to (4) does not apply as a result of this section, the plant or machinery of the transferred trade is treated for the purposes of the Corporation Tax Acts as sold by the predecessor to the successor on the transfer day for [F2the higher of—
(a)its ascribed value immediately before the transfer of the trade, and
(b) the disposal value that the predecessor would be required to bring into account under Part 2 of CAA 2001 in respect of it as a result of the transfer of the trade. ]
(6)In this section—
[F3 “ ascribed value ”, in relation to plant or machinery, is to be read in accordance with section 437A (but reading the reference to the relevant company or partnership as a reference to the predecessor); ]
“business of leasing plant or machinery”—
if the business is carried on otherwise than in partnership, has the same meaning as in section 387, and
if the business is carried on in partnership, has the same meaning as in section 410,
“consortium principal company” means a company which is a principal company as a result of section 394,
F4...
“ownership proportion” has the same meaning as in section 394,
“plant or machinery” has the same meaning as in Part 2 of CAA 2001, and
“principal company” is to be read in accordance with section 393 or 394 (as the case may be).
Textual Amendments
F1S. 950(3A) inserted (with effect in accordance with s. 24(11) of the amending Act) by Finance Act 2012 (c. 14), s. 24(7)
F2Words in s. 950(5) substituted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 25(2)
F3Definition “ascribed value” in s. 950(6) inserted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 25(3)(a)
F4Definition “market value” in s. 950(6) omitted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 6 para. 25(3)(b)
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